News
Mark Peterson Delivers Key Insights at AICPA Fall Council Meeting
November 01, 2024
At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.
Governor Lamont Announces FEMA Amends Major Disaster Declaration for August Storm To Include Public Assistance Program
October 28, 2024
Governor Ned Lamont today announced that he has received notification from the Federal Emergency Management Agency (FEMA) informing him that the major disaster declaration President Joe Biden approved for Fairfield County, Litchfield County, and New Haven County as a result of the historic rainfall and extreme flooding that region of Connecticut received on August 18, 2024, has been amended to include the governor’s request for FEMA’s Public Assistance Program.
Could CT budget face emergency cuts despite plan to save $1.2B?
October 24, 2024
Medicaid, retirement benefits, drive nearly $400 million in projected cost overruns.
1,000 Crumbling Foundations Replaced
October 15, 2024
The Connecticut Foundation Solutions Indemnity Company (CFSIC) – the captive insurance company set up to provide financial assistance to homeowners whose foundations have crumbled because of the mineral “pyrrhotite” within the concrete – has reached a milestone.
CT to expand employer student loan repayment tax credit; eyed as worker recruitment, retention tool
October 14, 2024
Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.
Boston residents face 28% tax hike as office values slump
October 10, 2024
Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said.
Governor Lamont Announces FEMA Disaster Recovery Center in Wilton Closing, Southbury Location Remains Open
October 10, 2024
Governor Ned Lamont today announced that the Federal Emergency Management Agency (FEMA) is making a schedule change to Connecticut’s two recently opened Disaster Recovery Centers (DRCs) that have been providing in-person support with applying for federal disaster assistance to those impacted by the August 18, 2024, severe storm and flooding.
Policy groups urge CT to intensify saving to end pension debt
October 02, 2024
Conservative think-tanks say CT’s children could be spared billions in legacy debt.
New Data Privacy Protections Lead List Of New Laws Taking Effect Today
October 01, 2024
A raft of changes to how Connecticut law protects sensitive medical information, minors from online threats, and misuse of social media lead a group of dozens of new laws that take effect today.
Tax planning for the SALT cap
October 01, 2024
Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.
A look at some new CT laws taking effect on Oct. 1
September 30, 2024
Nearly 60 new Connecticut laws will take effect on Oct. 1, including legislation concerning line-of-duty deaths, home care worker protections and police body cameras.
Governor Lamont Announces Connecticut’s Minimum Wage Will Increase to $16.35 on January 1, 2025
September 27, 2024
Governor Ned Lamont today announced that beginning on January 1, 2025, Connecticut’s minimum wage will increase from the current rate of $15.69 per hour to $16.35 per hour.
$608.2 Million Deposited Into Connecticut’s Underfunded Pensions
September 26, 2024
Connecticut’s pension funds performed better than expected in the most recent fiscal year, showing double-digit returns even as the state continues to play catch-up with its massive unfunded pension liabilities.
CT companies put AI to work, but regulation remains uncertain
September 26, 2024
Businesses, developers say guardrails are important, but varied state laws create confusion.
Governor Lamont Announces Business Recovery Centers Open in Monroe and Oxford To Provide In-Person Assistance With Applying for Federal Disaster Aid From August Flooding
September 25, 2024
Governor Ned Lamont today announced that the U.S. Small Business Administration (SBA) has opened two Business Recovery Centers in Monroe and Oxford that are now providing in-person assistance to businesses seeking to apply for federal disaster aid for damages incurred due to the severe flooding the western portion of Connecticut experienced on August 18, 2024.
Governor Lamont Announces President Biden Approves His Request for a Major Disaster Declaration Due to August Severe Flooding in Western Connecticut
September 24, 2024
Governor Ned Lamont today announced that President Joe Biden has approved his request for a major disaster declaration due to the historic rainfall and extreme flooding that impacted towns and cities in western Connecticut on August 18, 2024.
Connecticut Department of Revenue Provides Updated Information for Taxpayers Impacted by Weather Events of August 18, 2024
September 19, 2024
This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.
Reminder: MyCTSavings Registration Requirement for Businesses with 5 or More Employees
September 19, 2024
Businesses with 5 or more employees who do not offer a retirement plan and have been in business since January 1, 2023 are required to either register and enroll employees in MyCTSavings, or provide another qualified retirement plan. Once enrolled, employees have the option to opt-out, stay with the standard Roth IRA, or customize a Roth IRA by setting the deduction percentage and choosing from several fund options.
New Population Tool Provides Town-Level Info
September 13, 2024
CTData Collective and the state Department of Health have teamed up to launch a new online tool that will provide “groundbreaking” population data, migration patterns, and housing information down to the town level.
Governor Lamont Submits Request for Major Disaster Declaration To Secure Federal Assistance for Communities Impacted by Extreme Flooding on August 18
September 09, 2024
After a period of initial data collection and review as required by the Federal Emergency Management Agency (FEMA) and the U.S. Small Business Administration (SBA), Governor Ned Lamont today submitted a formal request to President Joe Biden seeking a major disaster declaration due to the historic rainfall and extreme flooding that impacted communities in Fairfield County, Litchfield County, and New Haven County on August 18, 2024.